Cantor Equity Partners IV, Inc. Liquidation Value

Cantor Equity Partners IV, Inc. (CEPF) is a Cayman Islands-incorporated blank check SPAC that completed its IPO on August 22, 2025, raising $450M gross from 45,000,000 Class A ordinary shares at $10.00 per share, plus a concurrent $9M private placement to the Sponsor. Total assets at December 31, 2025 were $456.9M, of which $456.7M (99.9%) represents U.S. government treasury bills held in a segregated Trust Account classified as available-for-sale at fair value. This Trust Account balance is the sole material asset pool. Under the liquidation lens, the Trust Account securities are Level 1 liquid instruments with near-100% recovery; amortized cost was $456.4M versus fair value of $456.7M, with net unrealized gain of $284,921 sitting in AOCI. At face-value liability settlement, total liabilities are $95,402: $63,948 accrued expenses and $31,454 notes payable to the Sponsor (drawn under the $1.75M Sponsor Loan facility). Outside-trust operating cash is $25,000. The recovery posture to public shareholders is governed entirely by the trust structure: 45,000,000 Class A shares held in temporary equity are redeemable at $10.15 per share ($456.7M aggregate), which essentially equals the trust balance. The Sponsor's Founder Shares (11.25M Class B) and 900,000 private placement Class A shares explicitly waive trust claim on liquidation. The $16.75M Business Combination Marketing Fee payable to CF&Co. upon deal close is a contingent off-balance-sheet obligation—disclosed in commitments but NOT separately XBRL-tagged, meaning it does not appear in the liability stack at period end but would surface immediately upon deal consummation and materially reduce equity recovery in a transaction scenario. The Sponsor Loan carries an equity-conversion feature at $10.00/share beginning 60 days post-IPO; at current trust value of $10.15/share, conversion is dilutive to public shareholders. Compared to the prior 10-Q (September 30, 2025), the trust grew from $452.2M to $456.7M on $6.4M interest income; the Sponsor Loan outstanding went from $0 to $31,454; accrued expenses rose from approximately $87K to $63,948 (net decline reflects partial settlement); and OCI recognized $284,921 of unrealized appreciation on the treasury portfolio. No material change in the structural recovery hierarchy occurred between filings. Management's going-concern assessment relies on the Sponsor Loan facility and residual out-of-trust cash to fund operations through the August 22, 2027 Combination Period deadline.